Government data released on Tuesday revealed a new record in the first quarter of this year for the number of businesses established by individuals aged 60 and above, despite an overall decline in new business formations. According to Statistics Korea, a total of 276,000 new companies were founded in the first quarter, excluding those in the real estate sector, with 38,000 of them being established by individuals aged 60 and older, marking the highest number on record. This also represented the first instance where new enterprises created by senior citizens accounted for at least 13 percent of the total figure. The government traditionally reports both the total number of newly founded enterprises and a separate figure excluding real estate businesses, due to a significant increase in real estate agencies following a 2020 law change, many of which subsequently closed down. For example, in the first quarter of 2020, there were 96,697 new enterprises founded by those aged 60 and above, more than double the 42,372 in the same period in 2019. However, when excluding real estate firms, the increase was more modest, rising from 28,040 to 30,033 in the same period. The increase in new enterprises by senior citizens reflects the rapidly aging population, with February data from Statistics Korea indicating that 58 percent of newly employed individuals in 2023 were in their 60s, marking the highest figure on record. Despite this trend, the overall number of new companies has continued to decline, with a 7.8 percent decrease in the first quarter of this year compared to the same period in 2023. If real estate businesses are included, the total number of new enterprises founded in the first quarter of this year was 300,600, marking a decline in each quarter since the first quarter of 2022.